MM;
I have tried to look into MINE deeper to try to see why you feel that MINE is undervalued. To be honest I cannot see any potential in the report's and filings. The one thing I did notice was a man by the name of Guido Paravicini which MINE claims that he is a mining engineer and geophysicist. MINE has been mining this property for awhile based on their filings and have continually lost money, they have stated as follows;
Golden Eagle will scale down its shaft mining operations due to less-than-expected production results
The Company claimed the third quarter production totaled 5,605 grams of gold. (3 month's 90 days) Again at this rate the Company is losing money.
But then a man by the name of Guido Paravicini steps in and the Company makes the following projection;
Playa could reach 500 to 650 troy ounces of gold (approximately US$150,000 to US$200,000 per day
Notice the second claim is in ounces
Since their is Approx; 31.10 grams in a ounce it would come out to 650 X 31.10 = 20,215 Grams per day???? that's 20 thousand 2 hundred 15 grams per day production now let's take that and times it by 3 months which is one quarter. 90 x 20,215 = 0ne million eight hundred nineteen thousand three hundred fifty grams per quarter 1,819,350 Grams per quarter.The Company claimed the third quarter Production totaled 5,605 grams of gold.. So they are claiming with all their effort's in mining the property that they expect to go from 5,605 gram production to 1,819,350 because of a man named Guido Paravicini? I find this very hard to believe, that coupled with news releases that seem more promotional than what the Company is producing in gold which by their report was 5,605 grams in three months coupled with a large loss. Many of these mining Companies require capital to mine their properties being that MINE is at .12 it would take a big dilution to raise the capital they need to continue operations. As far as IKAR I like the sources who assayed the property Kilborn, and Russian-Tajik. Also Ikar has not attempted to mine at present but I feel they will in short order by the following;
Andrus and Ikar Mineral Corp.'s geological experts from Canada and Tajikistan are currently planning the company's 1998 exploration season.
Also the Country will benefit from their mining but at the same time IKAR will still hold 90% of revenues;
Ikar Mineral Corp. holds 100 percent of the Rushan Complex, and will retain 90 percent of all net revenues. The Government of Tajikistan, which granted the joint venture concession, will receive 10 percent.
As far as I am concerned when a joint venture with Tajikistan is mentioned something is going to happen it's just common sense. To compare IKAR with MINE doesn't hold water MINE has been mining their property for some time with poor result's IKAR is going to start and I am betting on huge profit's.
MINE also makes mention of the following on the SEC report;
Company cannot guarantee that Mr. Paravicini's projections are accurate
If you think that MINE is going to produce Approx; 1,819 Times more gold than they have done in the past with their previous result's I would consider that dreaming. Simply put something just does not add up, my thought's are the Company is just trying to increase revenue by getting it's stock up and issuing shares and making off the wall projections to achieve that goal, but this is my opinion, and if I am wrong with the numbers feel free to correct me.
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